Challenge

Mercer Ltd had a single lease on the 6th and 7th floor of Sunley House, Croydon and the 6th Floor was surplus to requirements. They had a rent review and lease break option due in July 2018 with a 6 month notice period to serve the break notice.

Solution

Mercer Ltd instructed Altus Group to negotiate both a surrender of the 6th floor and the July 2018 rent review. We were instructed shortly before the break notice needed to be served. We therefore immediately opened negotiations highlighting to the landlord the significant risk of Mercer operating their break notice and vacating both floors. Altus Group negotiated a surrender of the 6th floor and settled the rent review on the 7th floor ahead of the break notice date. This allowed Mercer to continue operating from this location and with a rental saving of over £2 million for the 5 year review period.

Results

£2million savings

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